Safaricom has revamped its business credit offerings to accelerate its support for Kenya’s micro, small, and medium-sized enterprises (MSMEs).
In a move unveiled yesterday, the telco introduced improved and more flexible credit facilities designed to bridge credit gaps and fuel growth for local businesses.
The newly launched credit products, available via the M-PESA Business App and USSD, aim to provide accessible and flexible loan solutions ranging from $7.74 (KES 1,000) to $3,096 (KES 400,000), depending on eligibility.
Dr. Peter Ndegwa, Safaricom’s Group CEO, stated that MSMEs can now access short-term term loans or overdrafts that align with their cash flow cycles, with repayment deducted automatically when there is an inflow into the business till.
“Businesses play a pivotal role in Kenya’s economy and make a significant impact in our communities. Leveraging the power of technology, Taasi will offer convenience and access to credit for MSMEs, allowing them to focus on scaling their businesses,” said Ndegwa.
Esther Waititu, Safaricom chief financial services officer, underscored the strategic role MSMEs play in Kenya’s economy, contributing 40% to GDP and 83.5% of total employment.
“Another monumental step forward for M-PESA! These new solutions are tailored for approximately 0.7 million Lipa na M-PESA merchants, ensuring they get the support they need to thrive,” she said in a LinkedIn post.
She stressed that the newly launched M-PESA financial leverage is a pivotal start of more support that Safaricom plans to roll out in the future.
“From the Nyamakima traders to boda boda riders and mama mboga, you are the true builders of M-PESA. The credit propositions we're launching today are just the beginning of a transformative journey, built for you, by you, and with you,” she added.
Through partnerships with KCB Bank Group, Sidian Bank, Diamond Trust Bank, and Pezesha, Safaricom aims to make credit more inclusive and digitally accessible for entrepreneurs, especially in the informal sector.
“By doing so, the company continues to drive financial empowerment and resilience across the country,” said Waititu.
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